Personal Finance

Chequing Account with perks for PAP

  • Last Updated:
  • May 27th, 2021 5:37 am
[OP]
Jr. Member
Apr 7, 2007
193 posts
67 upvotes
ontario

Chequing Account with perks for PAP

Are there chequing accounts that have perks for pre authorized payments? One of my major expenses is condo fees which are drawn via PAP only ... I wonder if there's a better account out there for me.
3 replies
Deal Addict
User avatar
Jul 16, 2019
1385 posts
1651 upvotes
PAPs are often a requirement to receive a welcome bonus for opening a new chequing account. But after the account has been open for a few months, I can't think of any accounts that continue providing you incentives to do PAPs.

Banks don't make any money off PAPs. The only reason they want you to do PAPs is because they can be a pain to set up, so once you've set them up, you're probably going keep using that chequing account for a long time. It's about lock-in.

Why not just get a free chequing account?
[OP]
Jr. Member
Apr 7, 2007
193 posts
67 upvotes
ontario
Thanks for your reply. I already have a free chequing account was just looking to see if I can do one better considering condo fees are monthly and my only option is PAP.
Deal Addict
Oct 13, 2006
2437 posts
903 upvotes
Burnaby
As long as they have them listed as a payee and if you shop at Loblaw branded stores open a PC financial account, you'll get $1 back every month in Optimum pointsFace With Stuck-out Tongue And Tightly-closed Eyes. Just have to make sure you have a monthly transfer setup into the PC account so that you dont get hit with overdraft/NSF.

Can pay 5 bills per month with min. $50 for 5000 optimum points. Could be 30-40% more if you save them and use them during mega redemption or points back promos.

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